SANTAM LIMITED - Credit rating announcement

Credit rating announcement

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT & ISIN ZAE000093779)
NSX share code: SNM
(‘Santam’)

CREDIT RATING ANNOUNCEMENT

Noteholders are advised that following the rating adjustment on 2
December 2016 by S&P Global Ratings (‘S&P’) of the South African
Long-Term Local Currency Rating to ‘BBB’ from ‘BBB+’, S&P lowered
their long-term counterparty credit and financial strength ratings
on Santam to ‘BBB’ from ‘BBB+’ on 12 December 2016, maintaining
their negative outlook.    S&P’s ratings are limited by the local
currency sovereign credit rating on South Africa.

At the same time, Santam’s ‘zaAAA’ South African national scale
rating was affirmed and the South African national scale rating on
subordinated debt issued by Santam was lowered to ‘zaAA-‘ from
‘zaAA+’.

Santam’s Indicative Standalone Credit Profile before taking into
account the Sovereign Risk adjustment remained unchanged at ‘a-‘.

13 December 2016

Sponsor: Investec Bank Limited

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